|
Sunday, 12 June 2011 22:35 |
|
The insurance sector continued to expand in 2010 with the total number of approved insurance entities increasing to 169 and for the third consecutive year, gross premium generated surpassed USD1 billion.
During the year, 22 new licences were approved, comprising nine insurance brokers, seven underwriting managers, three reinsurers, two captive insurers and one general insurer.
The recent legislative review allows for the establishment of Protected Cell Companies – not only for captive Insurers but for all forms of insurance. In March 2011, the guideline on co-location was extended to allow Labuan insurance and takaful entities to establish marketing offices anywhere in Malaysia. These moves demonstrated the jurisdiction’s commitment towards the growth the insurance sector in Labuan IBFC.
|
|
Last Updated on Wednesday, 20 July 2011 17:54 |
